In a surprising shift in foreign policy, President Trump and Russian President Vladimir Putin have reached an agreement to allow 4.8 million tonnes of Russian diesel into the market. After a 90-minute phone call on October 9, the US Treasury issued a temporary license to bypass recent sanctions, including the newly signed Lindsey Graham Act. This move aims to lower fuel prices for Americans before the upcoming midterm elections.
Trump stated that prioritizing lower costs for farmers and truck drivers was his main goal. Russia, in turn, is lifting its own export restrictions early to begin shipments. While this reverses the previous strategy of isolating Russia economically, the administration is betting that the influx of fuel will stabilize prices at the pump.